28. September 2009 07:26
When you’re ready to invest in upgrading your home, will all upgrades generate the same sort of return on your investment? Will hardwood floors be as good an investment as a new furnace? Will a new kitchen generate the same return as, say, a new roof ? And is a finished basement more valuable than having that extra bedroom ? When upgrading your home you must decide what are the tangible upgrades and what are the necessary upgrades. Confusing the two will cost you thousands of dollars and many sleepless nights.
An example of a necessary upgrade is a furnace, or new windows or a new roof – things that are necessary to maintain the integrity of the home but won’t necessarily generate any return for the money spent. An old furnace or a leaky roof or leaky windows will compromise the integrity of the home leading to other issues in the home making them necessary upgrades but not tangible upgrades. Tangible upgrades are the easiest way to increase the value of your home. Hardwood floors, new modern kitchens, new bathrooms, professionally finished basement, professionally painted in designer tones, new light fixtures, new hardware on doors, custom baseboards - those are all examples of the best returns on investment in tangible upgrades. Tangible upgrades will have a much bigger bang for the buck and increase the return on investment exponentially.
Always remember before you go spend thousands on upgrades, contact your real estate advisor to make sure you are creating a return on your investment. We will be able to assess the location and square footage and let you know which upgrades to do and which ones not to do. It is possible to upgrade too much and lose your high return on investment. Some locations and square footage can command and return a bigger return than others, so it’s important to have a plan and concise end goal in mind before starting.
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